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1. The reliability of your current provider
From small independent brokers to large established organisations and finance companies adding insurance to their service offering, there are infinite options when it comes to choosing an insurance provider. However, with so many providers to choose from there is a risk that you will opt for a supplier that is unreliable. For example, one of our clients that we recently worked with had signed up to an historic insurance policy from a bank which had insured the business as a kitchen and bathroom showroom rather than a distributor of kitchen products and equipment. A small discrepancy but one which would cause a lot of problems should they ever need to claim against the policy.
2. The value added
Once your insurer has successfully signed your contract it is standard practice that you are passed to the customer services team. Should you need to call on the team to submit a claim it is important that this is handled quickly and fairly. If your claim wasn’t handled to your satisfaction or your service expectations were not met, it’s probably a good time to consider an alternative insurance provider. The right insurance provider will also deliver value-add through a full review of all your business insurance needs. There are several ways that products can be combined into an all-encompassing business insurance policy or where products overlap and you may not need to take out more than one policy. If at the point of renewal your insurance provider is not carrying out an audit in this way, we recommend that it’s time to go out to tender for comparative quotes.
3. The fine print
As with all contracts, it’s imperative that you or a fastidious member of your management team go through your insurance terms and conditions with a fine toothcomb before committing to a policy. One hospitality sector client that we work with found that their insurer had written into their terms and conditions that they needed to have their chimneys cleared four times a year. Had they needed to make a claim without evidence that these chimney cleans had taken place, the client would not have been able to receive compensation, which would have come at a considerable cost to the business. A detailed terms and conditions check is vital to make sure that your business has not committed to something that you are not aware of.
4. The right cover
If you’ve been with the same insurer for several years, it may be that you are paying a premium for insurance products that you no longer need or for areas of the business or premises that no longer exist. By talking to an expert who will take the time to fully understand your business, you can be safe in the knowledge that you have the right cover for your business needs.
5. The cost
The point of renewal is a great time to consider making appropriate changes to your cover and address any rate increases that may be taking effect. We recommend that you review your Insurance covers regularly to ensure that you are getting value for money and most importantly piece of mind that your business is adequately protected.
As you are a client of ours we already have a good understanding of your business so why not take advantage of this and let us liaise with our expert insurance partners on your behalf to find the right insurance policy to meet your business needs.
To talk to an expert about your insurance needs, please contact BCR Associates on 03330 433 233.
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